Marathon Receives Initial Metallurgical Gold Recoveries for Leprechaun Deposit

Marathon PGM Corporation announced today that results from initiacrurshed stone machine iranl metallurgical test work from the Leprechaun Gold Deposit in Central Newfoundland, demonstrate recoveries exceeding 90%.

Highlights:

• results suggest gold recoveries in excess of 90% could be achieved through standard processing methods – gravity plus cyanide recoveries


• gravity recovery varied between 45% and 58% which is very high and indicative of coarse gold


• calculated head-grade from tests and assays by G&T Metallurgical Services averaged 4.4 g/t gold


• 8,000 m drill campaign is 60% complete and pending assays are expected in the near future


• new resource estimate is on track for completion in Q4 of 2010

"Metallurgical recoveries are typically one of the largest risks facing the development of a mining project. We decided to address the metallurgical risks quickly as a part of our plans to develop an economically viable deposit. The initial results are quite positive and very encouraging especially with high gravity recoveries,” said Phillip Walford, President and CEO of Marathon PGM. "While we have only been working on the Leprechaun Gold Deposit for 8 months, these initial metallurgical results are an important milestone. These results will be used in the upcoming resource estimate."